Investor

We are the challenger

Protector offers Property & Casualty (P&C), motor, and employee benefits insurance for large and medium-sized companies and the public sector in Norway, Sweden, Denmark, Finland, the UK, and France, exclusively through insurance brokers and agents.

We are the challenger.

Protector offers liability insurance for large and medium-sized companies and the public sector in Norway, Sweden, Denmark, Finland, the UK and France.

We will always be the challenger. And we demonstrate this through unique relationships, excellent decision-making and cost-effective solutions. Our most important promise to the market is that we are easy to deal with, commercially attractive, and credible.
Ticker:
OSE: PROT
Market:
Oslo Børs
Market cap:
-
Share price
-
NOK
Days until report
-

We will deliver through unique relationships, best-in-class decision-making and cost effective solutions.

Main targets
Cost and quality leadership
Profitable growth
Top 3 in all markets we enter
Values
Credible
Innovative/Open
Bold
Committed
Investor
We will always be

The challenger

We will deliver through unique relationships, best in class decision-making and cost effective solutions
Main targets
Cost and quality leadership
Profitable growth
Top 3
Values
Credible
Innovative/Open
Bold
Committed

We are the challenger.

Protector offers liability insurance for large and medium-sized companies and the public sector in Norway, Sweden, Denmark, Finland, the UK and France.

We will always be the challenger. And we demonstrate this through unique relationships, excellent decision-making and cost-effective solutions. Our most important promise to the market is that we are easy to deal with, commercially attractive, and credible.
Market cap:
-
Share price
-
NOK
Days until report
-
Ticker:
OSE: PROT
Market:
Oslo Børs

Latest information

Latest report
All
Q1
2025 Interim Report Q1
Latest press release
All
Coming soon
Jul 11, 2025
Read press release
Upcoming event
All
Interim Report Q2 2025
Jul 11, 2025
Latest report
All
Q1
Q1 2025 Interim results
-
April 24, 2025
Latest press release
All
Invitation to presentation of Protector Forsikring ASA's 2nd quarter results 2025
June 27, 2025
Read more
Upcoming event
All
Interim Report Q2 2025
Jul 11, 2025
11/7/2025
Read more
Latest highlights
Q1 2025 highlights
Net revenue, MSEK
198.5
(198.5)
Net revenue, MSEK
198.5
(198.5)
EBIT, MSEK
198.5
(198.5)
Net revenue, MSEK
198.5
(198.5)

Q1 2025 highlights

Combined ratio
85.9% (91.2%)
Gross premiums written (GWP)
5 271(4 430)
GWP growth (local currencies)
17% (9%)
Total investment return (MNOK)
536 (372)
Profit for the period (MNOK)
740 (456)
Earnings per share
9.0 (5.5)
Q1 2025 highlights
Net revenue, MSEK
198.5
(198.5)
Net revenue, MSEK
198.5
(198.5)
EBIT, MSEK
198.5
(198.5)
Net revenue, MSEK
198.5
(198.5)

Q1 2025 highlights

Net sales in Q1 2025, MSEK
219 (186)
Adjusted EBITDA in Q1 2025
21% (20)
Organic growth in Q1 2025
14%
Latest highlights
Q1 2025 highlights
Net revenue, MSEK
198.5
(198.5)
Net revenue, MSEK
198.5
(198.5)
EBIT, MSEK
198.5
(198.5)
Net revenue, MSEK
198.5
(198.5)

Q1 2025 highlights

Combined ratio
85.9%
LCY GWP growth
17%
Gross premiums written
5 271
Earnings per share
9.0
Webcast

Our equity story

"For two decades, Protector Forsikring has successfully challenged the established insurance market. We have delivered profitable growth by focusing on cost and quality leadership, unique broker relationships, and best-in-class decision-making. Our journey from a small Norwegian start-up in 2004 to a multi-national insurer with gross written premiums of over NOK 12 billion is a testament to our disciplined strategy and performance-driven culture."

- Henrik Golfetto Høye, CEO

Protector at a glance

Protector is a non-life insurance company
The company started underwriting insurance in 2004 and has been listed on the Oslo Stock Exchange since 2007.
Building on the Norwegian success, the company entered Sweden in 2011, Denmark in 2012, Finland and UK in 2016 and France in 2025.
For all markets, the company focuses on commercial lines of business, public sector and affinity schemes, through insurance brokers and agents only.
Protector’s main targets
The company´s main targets are cost and quality leadership, which should lead to profitable growth, which again should put the company top 3 in the segments the company decide to enter.
Cost and quality leadership
Profitable growth
Top 3
A track record of organic growth
Gross written premium (GWP) development in MNOK:
Geographical sales distribution:
*includes Finland
Product distribution
Gross written premium (GWP) distribution by product in 2024
Americas
EMEA
Asia & Oceania
Founded
2004
Headquarters
Oslo, Norway
Number of employees
> 600
Market cap
-
01
High ROE and robust profitability
In 2024, Protector Forsikring delivered a return on equity of 31.6%, underlining its exceptional profitability.

Over the past five years, ROE has averaged around 23%. This performance stems from disciplined underwriting, as reflected in a 2024 combined ratio of just 88.1%  – well ahead of the company’s <91% target .

Such consistently strong margins demonstrate Protector’s ability to generate superior returns through various market conditions.
02
Leading in public sector – expanding across Europe
Protector has rapidly grown from a Nordic niche player into a pan-European challenger.

It is now the largest insurer of municipalities in Scandinavia, covering over 600 local governments. In the UK, Protector ranks among the top three insurers in the public sector and social housing segments, serving 420+ clients including 181 local authorities.

Gross written premiums surged from NOK 1.2 billion in 2011 to NOK 7.1 billion in 2022, exemplifying a decade of bold expansion.
03
Relentless cost discipline & underwriting precision
Efficiency is in Protector’s DNA. The company relentlessly controls costs, striving to be the lowest-cost operator in its markets without compromising service quality.

This lean model is paired with rigorous, data-driven underwriting – every policy is priced and renewed with strict profitability criteria.

The payoff is clear: combined ratios in the high-80s consistently beat internal targets (e.g. 89% in 2022 ), fueling profitable growth year after year.
04
Prudent capital allocation & shareholder returns
Protector manages its capital with discipline and keeps shareholders in focus. Its dividend policy calls for distributing 20–80% of annual profits to shareholders.

With a robust solvency ratio of 193% at year-end 2024 , the company can return surplus capital via special dividends or share buybacks once its solvency margin exceeds 200%.

In 2024, Protector paid out NOK 742 million in dividends  – highlighting its commitment to rewarding investors.
05
Expanding footprint & diversified growth opportunities
In two decades, Protector has evolved from a Norwegian start-up to a pan-European insurer.

It entered Sweden in 2011, Denmark in 2012, Finland and the UK in 2016, and France in 2025. This expansion has driven gross premiums from zero in 2004 to NOK 12.3 billion in 2024.

By focusing on commercial lines, public sector clients, and niche affinity programs in each market, Protector unlocks multiple growth avenues while staying within its core expertise.

Market segments

United Kingdom
Combined ratio in 2024: 85%
Growth in 2024: 3%
9% of total gross written premiums in Q1 2025
Key ratios (SEK M)
NOKm
Q1 25
Q1 24
Gross premium written
475
429
Insurance revenues
1 386
1 107
Insurance service result
282
196
Loss ratio, gross
58.8%
61.2%
Net reinsurance ratio
10.6%
8.9%
Loss ratio, net of reinsurance
69.4%
70.2%
Cost ratio
10.2%
12.1%
Whereof commissions to brokes and agents
4.2%
5.0%
Combined ratio
79.6%
82.3%
Earnings per share, SEK
5.47
3.07
Shareholders’ equity per share, SEK
68.47
61.75
Share price on closing day, SEK
489
330
Market cap on closing day, SEK M
15,403
10,379
Sweden
Combined ratio in 2024: 85%
Growth in 2024: 3%
31% of total gross written premiums in Q1 2025
Key ratios (SEK M)
NOKm
Q1 25
Q1 24
Gross premium written
1 620
1 499
Insurance revenues
742
713
Insurance service result
86
29
Loss ratio, gross
73.6%
83.9%
Net reinsurance ratio
0.4%
-0.9%
Loss ratio, net of reinsurance
74.0%
83.1%
Cost ratio
14.4%
12.8%
Whereof commissions to brokes and agents
8.0%
7.3%
Combined ratio
88.4%
95.9%
Earnings per share, SEK
5.47
3.07
Shareholders’ equity per share, SEK
68.47
61.75
Share price on closing day, SEK
489
330
Market cap on closing day, SEK M
15,403
10,379
Norway
Combined ratio in 2024: 85%
Growth in 2024: 3%
30% of total gross written premiums in Q1 2025
Key ratios (SEK M)
NOKm
Q1 25
Q1 24
Gross premium written
1 580
1 349
Insurance revenues
616
534
Insurance service result
73
-2
Loss ratio, gross
79.6%
92.3%
Net reinsurance ratio
1.0%
1.4%
Loss ratio, net of reinsurance
80.6%
93.8%
Cost ratio
7.6%
6.7%
Whereof commissions to brokes and agents
2.5%
1.9%
Combined ratio
88.2%
100.5%
Earnings per share, SEK
5.47
3.07
Shareholders’ equity per share, SEK
68.47
61.75
Share price on closing day, SEK
489
330
Market cap on closing day, SEK M
15,403
10,379
Denmark
Combined ratio in 2024: 85%
Growth in 2024: 3%
25% of total gross written premiums in Q1 2025
Key ratios (SEK M)
NOKm
Q1 25
Q1 24
Gross premium written
1297
1 152
Insurance revenues
439
382
Insurance service result
56
18
Loss ratio, gross
71.9%
84.0%
Net reinsurance ratio
9.2%
3.9%
Loss ratio, net of reinsurance
81.1%
87.9%
Cost ratio
6.2%
7.4%
Whereof commissions to brokes and agents
0.3%
0.0%
Combined ratio
87.3%
95.3%
Earnings per share, SEK
5.47
3.07
Shareholders’ equity per share, SEK
68.47
61.75
Share price on closing day, SEK
489
330
Market cap on closing day, SEK M
15,403
10,379
France
Combined ratio in 2024: 85%
Growth in 2024: 3%
6% of total gross written premiums in Q1 2025
Key ratios (SEK M)
NOKm
Q1 25
Q1 24
Gross premium written
298
Insurance revenues
72
Insurance service result
-38
Loss ratio, gross
117.2%
Net reinsurance ratio
8.2%
Loss ratio, net of reinsurance
125.4%
Cost ratio
28.1%
Whereof commissions to brokes and agents
8.7%
Combined ratio
153.5%
Earnings per share, SEK
5.47
3.07
Shareholders’ equity per share, SEK
68.47
61.75
Share price on closing day, SEK
489
330
Market cap on closing day, SEK M
15,403
10,379

Our clients

Protector offers insurance to large and medium-sized companies as well as to the public sector in Norway, Sweden, Denmark, Finland, the UK and France.

The commercial segment includes large and medium-sized companies and affinity programs. We tailor insurance solutions for large companies and can develop own concepts through affinity programs as well as facilitate solutions for cross border clients.

The public segment consists primarily of municipalities and county authorities. Protector is the largest insurance carrier within municipal insurance in Scandinavia, insuring more than 600 municipalities and county councils. In UK public sector and housing, Protector is currently one of the three largest insurance carriers with more than 420 clients.

The company is a total provider of non-life insurance, and clients represent a broad range of industries and risks. We provide our clients and society with financial security and safety.
XVIVO believes in an extended life of organs and that nobody should die waiting for a new organ. Our 2023– 2027 strategic period is grounded in these values. The core foundation and framework of our strategy remain unchanged; however, to better align with market developments and drive efficiency, we have streamlined our strategic focus areas from five to four. Our strategic objective is to become the preferred partner in the transplantat process.

Our insurances

We offer insurance to companies and the public sector within the following lines of business: Property, Liability, Motor and Personal.

The settlement after a claim is the “moment of truth” and is an integral part of the company. Most claims are handled in-house, but third parties are engaged when competence or capacity is needed. Currently claims handling employees are 40% of our operational workforce. Protector’s claims handling is built on high quality standards ensuring that injured parties can trust that they will receive the compensation they are entitled to, in a way that provides trust and security.
XVIVO believes in an extended life of organs and that nobody should die waiting for a new organ. Our 2023– 2027 strategic period is grounded in these values. The core foundation and framework of our strategy remain unchanged; however, to better align with market developments and drive efficiency, we have streamlined our strategic focus areas from five to four. Our strategic objective is to become the preferred partner in the transplantat process.
Personal insurance
If you are an employee of a company insured by us, our personal insurance provides financial security for you and your immediate family in the event of disability, serious illness or death. Within this area, we offer a range of types of insurance, including disability income insurance, health insurance, life insurance and accident insurance, in addition to occupational injury insurance.
Motor
By law, all motor vehicles must be covered by liability insurance to be permitted to drive on public roads. Such insurance covers injury caused to third parties or damage to their assets or property. Many clients wish to extend their insurance to also cover other risks, such as theft, fire or damage to the vehicle. We insure passenger cars, commercial vehicles and heavy construction equipment. We also offer preferential deals with selected car body repair shops.
Property
We offer property insurance for private- and public-sector enterprises that want to insure their assets against risks such as damage and burglary.

Our insurance products are adapted to each client’s sector and needs. Property insurance can cover buildings, machinery, personal belongings and inventory. In addition, the property insurance may include, for example, interruption insurance and project or contractor insurance.
Liability
Liability insurance protects your business if you are held liable for compensation. It covers damage and personal injury that a company, its employees or products may cause to third parties.

We investigate liability, negotiate with the injured party, represent your business in court and compensate for any damages. Our products include general corporate and product liability insurance, directors’ and officers’ liability insurance, construction client liability insurance and cyber insurance.
Change of ownership
Change of Ownership Insurance is when you – for a fee – delegate liability for potential hidden defects and deficiencies in the home you are selling, to an insurance company. An investment that gives you peace of mind when selling your home. Protector Insurance has discontinued offering new Change of Ownership- policies as of December 31, 2021.
  • Property

    We offer property insurance for private- and public-sector enterprises that want to insure their assets against risks such as damage and burglary.

    Our insurance products are adapted to each client’s sector and needs. Property insurance can cover buildings, machinery, personal belongings and inventory. In addition, the property insurance may include, for example, interruption insurance and project or contractor insurance.

  • Liability

    Liability insurance protects your business if you are held liable for compensation. It covers damage and personal injury that a company, its employees or products may cause to third parties.

    We investigate liability, negotiate with the injured party, represent your business in court and compensate for any damages. Our products include general corporate and product liability insurance, directors’ and officers’ liability insurance, construction client liability insurance and cyber insurance.

  • Motor

    By law, all motor vehicles must be covered by liability insurance to be permitted to drive on public roads. Such insurance covers injury caused to third parties or damage to their assets or property. Many clients wish to extend their insurance to also cover other risks, such as theft, fire or damage to the vehicle. We insure passenger cars, commercial vehicles and heavy construction equipment. We also offer preferential deals with selected car body repair shops.

  • Personal insurance

    If you are an employee of a company insured by us, our personal insurance provides financial security for you and your immediate family in the event of disability, serious illness or death. Within this area, we offer a range of types of insurance, including disability income insurance, health insurance, life insurance and accident insurance, in addition to occupational injury insurance.

  • Change of ownership

    Change of Ownership Insurance is when you – for a fee – delegate liability for potential hidden defects and deficiencies in the home you are selling, to an insurance company. An investment that gives you peace of mind when selling your home. Protector Insurance has discontinued offering new Change of Ownership- policies as of December 31, 2021.

A company in rapid growth and development

2004
Protector is established as an insurance company and starts selling insurance
We expand our portfolio and launch Change of Ownership Insurance
2005
From this year onwards, claims are settled in-house
2006
The company experiences strong growth in the municipal sector
2007
Protector is listed on the Oslo Stock Exchange in May of this year
2008
The company achieves 26% growth in the commercial market and public sector
2009
We can show a 20% increase in total premium revenue
2010
Protector surpasses NOK 1 billion in premium revenue
2011
Protector starts selling insurance in Sweden
2012
The company starts selling insurance in Denmark. We achieve NOK 1.5 billion in premium revenue, 26% growth.
2013
23% growth
2014
28% growth
2015
20% growth
2016
Protector starts selling insurance in the UK and Finland
2017
The tragic Grenfell Tower fire erupts in London. 72 people perish.
2018
Protector pulls out of the Change of Ownership Insurance market
2019
19% growth and net combined ratio at 103.8%
2020
8% growth and profitability regained (net combined ratio at 94.8%)
Covid-19 outbreak and financial market turmoil; moment of truth for the investment team, delivering a total return on investments at 8%
2021
Henrik Golfetto Høye appointed CEO. Combined ratio (IFRS) at 85.1%
2022
21% growth in local currencies and combined ratio at 89.4%
2023
Extraordinary, but disciplined growth at 37% in local currencies
2024
15% growth in local currencies and combined ratio at 88.1%
2025
Protector starts selling insurance in France

Financial targets

Combined ratio
Target: <91%
Geographical sales distribution:
*includes Finland
Solvency capital ratio
Target: >150%
Geographical sales distribution:
*includes Finland

Flexible dividend policy

Solvency ratio zone assessment
Move towards ‘Green’ if we see e.g. profitable insurance growth, risk-taking in investment portfolio, other attractive allocation opportunities and/or market/macro turbulence.
Move towards ‘Red’ if we see e.g. limited growth opportunities, very low risk, no near-term allocation opportunities and have good future visibility
Solvency capital ratio
150%
200%
Capital distributed over time
Shareholder distribution normally 20%-80% of net profit
Quarterly assessment, all allocation alternatives evaluated
Profitable insurance growth always prioritized
Build solvency capital
The Board prepares quarterly distribution assessments on the basis of the most recently approved annual accounts.

Consensus estimates & analysts

Average
Q2 2025 estimates
Gross written premium (GWP)
4 084
4 071
4 065
4 114
Insurance revenue
3 399
3 418
3 282
3 459
3 436
Insurance service result
482
448
443
547
491
Cost ratio
10.5%
10.7%
10.7%
10.7%
9.8%
Combined ratio (%)
85.8%
86.9%
86.5%
84.2%
85.7%
Net income from investments
523
649
301
579
564
Profit before tax
775
800
651
858
789
EPS (NOK)
7.5
8
6
8
7
Target price per share
NOK
Average
479.5
NOK
Jul 8, 2025
Pareto Securities
470
NOK
Jul 2, 2025
SEB
440
NOK
Jun 18, 2025
Nordea
538
NOK
Jul 8, 2025
DNB Carnegie
470
NOK
Jul 4, 2025
Average
FY 2025 estimates
Gross written premium (GWP)
14 273
14 261
14 325
14 233
Insurance revenue
13 754
13 818
13 626
13 815
13 757
Insurance service result
1 821
1 850
1 722
1 931
1 780
Cost ratio
10.5%
10.4%
10.7%
10.6%
10.2%
Combined ratio (%)
86.8%
86.6%
87.4%
86.0%
87.1%
Net income from investments
1 761
1 919
1 521
1 838
1 766
Profit before tax
3 022
3 148
2 788
3 115
3 037
EPS (NOK)
28.8
30
27
30
29
Target price per share
NOK
Average
479.5
NOK
Jul 8, 2025
Pareto Securities
470
NOK
Jul 2, 2025
SEB
440
NOK
Jun 18, 2025
Nordea
538
NOK
Jul 8, 2025
DNB Carnegie
470
NOK
Jul 4, 2025
See all
Target price per share
440 NOK
440 NOK
440 NOK
440 NOK
Q2 estimates
Share price
Share price
Share price
Share price
Gross written premium (GWP)
Share price
Share price
Share price
Share price
Insurance revenue
Share price
Share price
Share price
Share price
Gross written premium (GWP)
Share price
Share price
Share price
Share price
Protector Forsikring ASA invite external independent analysts covering our company to provide consensus estimates, and we will share a summary of these on our webpages every quarter. The consensus represent the average of the individual estimates provided by the analysts. Protector will not take responsibility for the content within the respective broker houses' estimates. Links below will take you to our latest updated consensus estimates
Analyst
Pareto Securities AS
Price target (25.04.2025)
400 NOK
Analyst
SEB
Price target (18.06.2025)
440 NOK
Analyst
Nordea
Price target (25.04.2025)
400 NOK
Ulrik Årdal Zürcher
Analytiker, Equity Research
Analyst
DNB Markets
Price target (24.04.2025)
380 NOK
Latest
No items found.
Analyst
Pareto Securities AS
Price target (25.04.2025)
400 NOK
Analyst
SEB
Price target (18.06.2025)
440 NOK
Analyst
Nordea
Price target (25.04.2025)
400 NOK
Ulrik Årdal Zürcher
Analytiker, Equity Research
Analyst
DNB Markets
Price target (24.04.2025)
380 NOK

Financial overview

Ticker: STUDBO
Top shareholders
Capital %
Account type
AWC AS
19.95
%
-
16 461 312
shares
Ordinary
Jun 30, 2025
STENSHAGEN INVEST AS
9.12
%
-
7 526 353
shares
Ordinary
Jun 30, 2025
CITIBANK (SWITZERLAND) AG
5.4
%
-
4 456 162
shares
Nominee
Jun 30, 2025
VERDIPAPIRFOND ODIN NORDEN
3.83
%
-
3 156 885
shares
Ordinary
Jun 30, 2025
VERDIPAPIRFONDET ALFRED BERG GAMBA
2.6
%
-
2 145 948
shares
Ordinary
Jun 30, 2025
Source: The Norwegian Central Securities Depository (VPS) shareholder register
Gross written premium (GWP) development in MNOK:

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